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Can I get a mortgage?

I want to buy a condo that would not go over $150K, and hopefully much less. I have been saving and was hoping to be able to buy outright, but got laid off before I could save enough. So, I have about $60K I can use for a down payment. I would have a small cushion left over.

As I mentioned, I got laid off, and I've been on unemployment and collecting a small pension of $260 per month. My unemployment is about to end and my rent is going up, so I'd really like to buy. I figure my monthly nut would go down as long as I buy something affordable.

Obviously, the problem is I'm unemployed. I've been taking graduate classes and should get my master's next year in a relatively high-paying field, from a good school. CreditKarma gives my score as 747, and it might be able to improve if I pay down an $800 balance but my student loans would prevent my score from getting much higher than that.

If this happened 10 years ago I'd have no problem getting a no-doc loan. I hear those are largely impossible these days, but limited doc might be a possibility. I'd appreciate any specific advice that I can use asap. Thanks.
  • August 03 2013 - San Diego
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Answers (7)

I may be able to help you. We have loan programs that allow the use of bank statements to verify income vs. paystubs.

It sounds like you have enough funds to put 30% down. Feel free to contact me if you are interested.
  • November 01 2013
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Once you have your first pay stub at a new job, you may be able to use future income as long as you aren't delinquent on any federal loans.
  • August 18 2013
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Profile picture for user4358238
No co-signer, unfortunately. So is there no such thing as limited-doc loans?

I'm thinking I only need to borrow about 50 grand, which works out to a ridiculously low payment, I think it was like 300/month, so what income would qualify me for that? If I get a graduate assistantship paying about 1800/mo, would that qualify me?
  • August 05 2013
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Do you have someone that would consider co-signing?  If so you may be able to get financing using a non-owner occupying co-borrower.
  • August 05 2013
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Profile picture for shapiroamg
Once you graduate and have your diploma and employment, you should be fine. For now, there is nothing. 
  • August 05 2013
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Profile picture for Brian GFL Capital
employment is necessary for qualifying for a job. unemployment income is not considered long term income and cant be used to qualify
  • August 05 2013
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From personal experience, I do not think it would be very easy/possible to get a loan without a job.  I have had a stable on contract job for over six months in a field that I graduated in just a month before receiving the position, and LO are still having a lot of trouble.  DTI is what they look at, and without any I, they won't get you any more D.

:( Sorry
  • August 03 2013
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